Senior Product Manager Salary
Six-figure salaries are the norm for Senior Product Managers in the United States, with median pay hovering around $119K per year. Overall cash earnings for Senior Product Managers stretch from $86K on the lower end to $164K near the top, and the heftiest packages can encompass around $26K from bonuses and $20K from profit sharing. The specific employer is the main element affecting pay for this group — geography and experience level are driving factors as well. Job satisfaction for Senior Product Managers is high. Making up 70 percent of those who took the survey, male Senior Product Managers greatly outnumber their female counterparts. Nearly all enjoy medical while most get dental coverage. Vision coverage is also available to a strong majority. The information for this rundown comes from respondents who completed PayScale's salary questionnaire.
Job Description for Senior Product Manager
A senior product manager handles many of the oversight duties involved in getting a product from the concept stage to the production stage; they also work to maximize product by foreseeing customer and market demands. Depending on their business' needs, this can include a number of different tasks. Typically, a senior product manager is in charge of ensuring that best practices are followed, goals are met, and projects and related operations are conducted effectively. Senior product managers are often in charge of coordinating marketing, sales, and other product-implementation strategies to ensure that operations are properly conducted. When it comes to product development, there are usually numerous stakeholders in the success of a product who may have differing visions for the product. A senior product manager serves as a liaison between stakeholders and the development/implementation teams. A senior project manager also must evaluate the market to find ways to better serve the customers and increase profitability.Read More...
Senior project managers typically have extensive experience and training in various aspects of business and commerce. They are proactive, leadership-oriented, and familiar with the needs of the company and the customer base. They must have knowledge of technical processes, adherence to marketing guidelines, and familiarity of business strategies. As with most leadership or oversight positions, senior project managers must be able to communicate effectively, analyze data from numerous inputs, and provide direction and guidance to their subordinates.
Senior Product Manager Tasks
- Transform business and market strategies into do-able, defined product plans.
- Lead market research and position conversations to ensure viable products and balanced growth.
- Define and document product requirements and roadmaps for execution and sales.
- Collaborate with cross-functional teams for every stage of product development.
Common Career Paths for Senior Product Manager
Senior Product Managers who go on to become VPs of Product Management may see their salaries climb quite a bit. Median pay for VPs of Product Management is $179K annually. A Product Management Director role is the most common promotion for Senior Product Managers moving up the ladder, and pay for the position tends to be around the $140K mark. Another typical, albeit less common, transition for Senior Product Managers is a Marketing Director position, where earnings are usually $80K.
Senior Product Manager Job Listings
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Popular Employer Salaries for Senior Product Manager
Many Senior Product Managers can be found at Amazon.com Inc, T-Mobile, Inc., General Electric Co (GE), Oracle Corp., and Express Scripts Incorporated, firms that are at the top of the field. Hewlett-Packard Company attracts talent by shelling out the biggest paychecks in the area — the median in that office is $186K. Senior Product Managers will also find cushy salaries at Genentech, Inc. (+$166K), Google, Inc. (+$162K), and eBay Inc. (+$160K).
Employees at Charles Schwab & Co., Inc., T-Mobile, Inc., and General Electric Co (GE) can also expect below-average earnings of $109K, $115K, and $130K.
Popular Skills for Senior Product Manager
Survey respondents exploit a significant toolbox of skills in their work. Most notably, skills in Strategy, Agile Software Development, Program Management, and End User Requirements Research are correlated to pay that is above average, with boosts between 3 percent and 5 percent. Skills that pay less than market rate include Microsoft Excel, Project Management, and Marketing Management. Most people skilled in Product Development are similarly competent in Business Strategy, Product Marketing, and End User Requirements Research.
Pay by Experience Level for Senior Product Manager
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Salaries for the relatively untried average out to around $118K, but survey participants with five to 10 years of experience earn a significantly higher median of $126K. Senior Product Managers who work for 10 to 20 years in their occupation tend to earn about $131K. Senior Product Managers who have racked up more than two decades of experience report lower incomes overall; the average sum for this crowd comes out to only $129K.
Pay Difference by Location
With a pay rate for Senior Product Managers that is 27 percent greater than the national average, Santa Clara offers a comfortable salary for those in this profession. Senior Product Managers can also look forward to large paychecks in cities like San Jose (+24 percent), San Francisco (+15 percent), Seattle (+8 percent), and Austin (+7 percent). Atlanta is the lowest-paying area, 10 percent south of the national average. Not at the bottom but still paying below the median are employers in Portland and Denver (9 percent lower and 7 percent lower, respectively).